“The greatest glory in living lies not in never falling, but in rising every time we fall.”
—Nelson Mandela
Statutory and Tax Compliance Calendar for month of March 2024
This article compiles due-dates for GST, Income Tax, ESI, PF Acts, and Companies Act compliances with a primary focus on Individuals, Professionals, and SME Businesses.
These due-dates are subject to extensions based on stakeholder representations and circumstances. We will notify you as soon as any due-dates are extended.
In accordance with applicable laws and regulations, colour coding is employed for better understanding.
Total days – 31
No. of due dates- 10
News and updates
- Compliance of New provision u/s 43B(h) of Income tax Payment based deduction of overdue outstanding to Registered Micro and Small Enterprise Other than Traders. In case amount outstanding to registered micro or small enterprise (Other than Traders) is overdue, then deduction/expenses for supplies relating to such overdue outstanding will be allowed in the year in which payment is made.
2. MSME PORTAL UPDATE:
New functionality to “Verify Udyam Registration Number” now made operational. The link to access is: https://udyamregistration.gov.in/Udyam_Verify.aspx
3. Penalty for Non Compliance of CPE
As per Statement on Continuing Professional Education 2023 Issued on 30.01.2024 By ICAI
Level I (1st Jan to30th June after Non Compliance – First Six Months)
— Extension for First Six months but, Twice of Shortfall of CPE to be earned
Level II (1st July to 31st Dec After Non Compliance – Second Six Months)
— Shall be classified to non-compliance status on July 1 and the details of non-compliance status shall be displayed in CPE Portal, Twice of Shortfall of CPE to be earned.
Level III (1st Jan to 30th June – Third Six Months)
— required to disclose the of status of non-compliance of CPE hrs requirement in MEF of ICAI. List of non-compliant members shall also be provided to Professional Development Committee of the ICAI by CPE Committee of ICAI.
Level IV (1st July to 31st Dec – Fourth Six Months)
— Only Provisional Peer Review can be issued, Final Peer Review Certificate can be issued only after Earing twice of Shortfall CPE
After Level IV
— if the default still continues then, the CPE Committee may refer the matter to Disciplinary Directorate for action as deemed fit for the violation of these guidelines.
Applicable WEF 01.01.2024 (Not Applicable on Defaults for Calendar year 2023 or before)
Click to access 78720cpe63012.pdf
This calendar is prepared for the benefits of clients and well-wishers of M/s Kanhaiya Gautam and Associates, Chartered Accountants. This should not be used as substitute for professional advice. Best efforts are placed to compile these due dates, still we would appreciate if you draw our attention to any inaccuracy.